Report on the Observance of Standards and Codes, Accounting and Auditing : Module B - Institutional Framework for Corporate Financial Reporting, B.1 Commercial Enterprises (including SMEs)
The purpose of this report is to gain an understanding of the general financial reporting and audit requirements for commercial enterprises in a jurisdiction as established by law or other regulation (for example, companies’ act). Commercial enterp...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/874001487925292970/Report-on-the-Observance-of-Standards-and-Codes-ROSC-Accounting-and-Auditing-A-A-module-B-institutional-framework-for-corporate-financial-reporting-B-1-commercial-enterprises-including-SMEs http://hdl.handle.net/10986/26225 |
| Summary: | The purpose of this report is to gain an
understanding of the general financial reporting and audit
requirements for commercial enterprises in a jurisdiction as
established by law or other regulation (for example,
companies’ act). Commercial enterprises are defined as
companies established with a profit-making objective that do
not issue equity and debt on a public exchange, are not
financial institutions (such as banks or insurance
companies), and are not owned and controlled by the state.
The definition of commercial enterprises also includes small
and medium sized enterprises (SMEs). The focus of this
report is commercial enterprises with limitations of
liability, such as limited liability companies (LLCs) and
joint stock companies. The report is structured as follows:
statutory framework; financial reporting requirements for
commercial enterprises; statutory audit and other forms of
independent assurance; audit committees; filing and
publication of financial statements; monitoring and
enforcement: financial reporting; and corporate governance. |
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